Cyprus Asks for Help to Save Its Biggest Bank

6/19/2013 6:20AM

Cyprus has asked its European partners for help to save its biggest commercial bank. Jenny Paris says the request for the Bank of Cyprus wasn’t really a surprise even though it comes only about two months after Cyprus negotiated a debt bailout.

This transcript has been automatically generated and may not be 100% accurate.

I ... the the ... sell ... us ... it's the it's ... his request ... is ... just what is up to the oven negotiated ... the ... bailout said he passes with the ... Jerry has a surprisingly ... this is the upside is already starting to unravel ... it's not entirely a surprise this basically brings up when he he she of contention between Cyprus and its creditors ... of the Cyprus always wanted to keep Bank of Cyprus its largest lender Ally ... and doubt what the bailout D basically said to be promoted that Bank of Cyprus without ... a bunch of other liabilities that inherited from the second ... largest bank that is being wound down ... so ... what to add that Cyprus is now asking for is effectively ... foreign creditors to come up with a plan to keep the fact that bank ... is still running an operation ... and for that to happen you will need to deal with a cash crisis faced with ... okay so the base the Bank of Cyprus which is now the MAS by the film's key to the success of the auto bailouts is likely that ... this request from Cyprus for most of that as of now ... not at the moment I'd I think that an Israeli to reopen a bailout that was as contentious as it was I further down the road it is something that they will have to eventually deal with ... it that the creditors also agreed that the Bank of Cyprus needs to survive that has been Cypress's position ... as dock Bank of Cyprus is systemic to the economy aiding the ECB kept Bible for the bailouts that say with other clear that this is the duty of the credit Asus well Eliza's is to go there in the meantime since that is filled with things so much ... about basically criticize ... the bailouts in two weeks of the silliest is that there were about to be tossed in the crease economy was really being forced to deep in recession ... I mean is the case had that because of that sucks but it has a stronger voice ... I think that's what Cyprus is trying to flee MTN they are trying to say ... look this bailout is going to fail and is going to fail because I want this lunch is about to collapse if we don't sit and do something on it ... and Dodd ... is still there had been there they're going to stick with a bailout pants ... but ... they probably want to say if it does fail at boot odious to do with it usually leads universe looks like he was a size six additional funding to him it was hit with the idea is to decide the students ... they're not exactly asking for extra money with what is that you see here is the I liability of by the second-largest bank Laiki Bank which it comes to about nine billion this is that they might just eleven for the receipt from the accent of bank cite This ... and IVC narrow have been having a C and Bank the Bank of Cyprus ... what scientists want this to come up with a plan to guide deal with those liabilities so that they ... don't burden the isthe SIC and I it's ... it's actually so either issued bonds and put this on CNN now ... vehicle inside the vehicle or having been rigid between the two banks are things ... that you've been following these bailouts for quite some time as you know quite a bit of of them is that this is how the implications ... for ... the euro zone debt crisis but the bailouts as we see no voices manages to ... premises its sights ... on QE comes down to NYP and wants to do about it on how to ... deal with collapsing pants and bad bank and this in the kitchen and this is the very much a key theme ... is going to be discussed that the euro zone finance ministers named the sweet ... so fill various that at the Europe needs to do something about how